Citi raises Shopping Centres Australasia Property estimates

Region Re

25/05/2022 01:48

** Citi upgrades its estimates on Shopping Centres
Australasia Property Group  SCP.AX  following progression of
their fund-management initiatives; maintains "sell" rating
    ** Citi says the real estate investment trust's
fund-management initiatives will initially include the seven
assets disposed by co for A$284.5 mln ($201.88 mln) 
    ** Raises FY22 estimate for Funds from Operations per share
to 17.6 Australian cents, which is slightly above SCP's guidance
of "at least 17.5 Australian cents"
    ** Citi says it is sell-rated on SCP, given that the stock
trades above their valuation; updates its target price to A$2.56
    ** Four of 11 analysts rate the stock "buy" or higher, six
"hold" and one "sell"; their median PT is A$3.04 – Refinitiv
data
    ** Stock has risen less than a percent this year, as of last
close
 
($1 = 1.4092 Australian dollars)

 (Reporting by Jaskiran Singh in Bengaluru)
 ((Jaskiran.Singh@thomsonreuters.com;))